January 17, 2017

Aadhaar Card To Become A Universal Payment ID

Aadhaar Card

The Government Of India will unveil a feature for payments through the Bharat Interface for Money (BHIM) app by simply entering the 12-digit Aadhaar number in few weeks. which means that Aadhaar card will soon become a universal payment ID.

Transactions where Aadhaar is listed as a payment ID on the BHIM app will not require any biometric authentication or prior registration with the bank or Unified Payment Interface (UPI).

Almost one- third of India already has Aadhaar numbers, which have been linked to their bank accounts.

The Unique Identification Authority of India (UIDAI)is currently working with banks and the National Payments Corporation of India (NPCI) and expects to roll out the feature in the “next few weeks.”

The Chief Executive of Unique Identification Authority of India (UIDAI), Ajay Bhushan Pandey, said that that almost 38 crore people have already linked their bank accounts with Aadhaar and can receive payment directly from the UPI app without having to register first.

Though BHIM allows sending money to a mobile number, it requires the receiver to be registered with the UPI in order to accept payment. In turn, the long process of generating a UPI PIN by entering debit card details may discourage the poor and the illiterate.

“Through Aadhaar, any person — large service providers or independent ones such as plumbers or carpenters, irrespective of whether they are on BHIM or not — can get payments for their services directly into their bank accounts if it is linked to Aadhaar,” said Pandey.

Further he added that almost two crore people are linking with accounts with Aadhaar every month and total figure for such accounts should go up to 50-60 crore — half the country —in the next two to three months.

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